India’s rupee has fallen to its lowest point ever, trading at 84.6850 per dollar after a government report revealed the slowest economic growth in two years. But the rupee isn’t just slipping because of domestic issues.

Why are countries trying to move away from the dollar? What has India done so far in this regard? And why is there a risk of Chinese domination if the dependence on the US dollar does go down?

Over the past few years, a few of its member countries, in particular Russia and China, are seeking an alternative to the US Dollar or creating their own BRICS currency.